Associates of realty participant TNR eye $15.4 mln city challenge in southern Vietnam

Real estate giant TNR Holdings is setting its sights on a VND393 billion ($15.4 million) urban project to the west of Rong Gieng district in Vietnam’s southern province of Kien Giang.

A partnership between Oleco-NQ Limited Company and American Property JSC, both part of the TNR Holdings ecosystem, is the sole applicant to invest in the 9.9-hectare project, according to the provincial Department of Investment and Planning.

Of the total investment, VND369 billion ($14.49 million) will be allocated for construction, while VND24 billion ($942,750) will be used for compensation and resettlement.

The project is expected to include a housing area of 12,501 square meters, technical facilities, and land lots for housing development by residents.

It will be built from the first quarter of 2024 to Q3/2027 and will operate for 50 years.

Oleco-NQ Limited Company has a charter capital of VND482.5 billion ($18.95 million), with 24% held by Overseas Labor Employment Services and Construction JSC (Oleco) and 76% by TNI Nam Quang. The firm is the owner of the mega urban and serviced project TNR Stars in Dien Chau district, the central province of Nghe An.

American Property JSC, with a charter capital of VND2.57 trillion ($101 million), is the owner of several big real estate projects such as the TNR GoldSeason apartment complex in Hanoi, the VND708 billion ($27.81 million) Bao Ha urban project, and the VND665 billion ($26.12 million) Cuong Thinh urban site, both in the northern province of Lao Cai.